Insights
SEBI relaxes timeline for AGM of 100 top listed cos whose FY ended 31 Dec 2019
April 24, 2020SEBI has relaxed compliance under regulation 44(5) of the LODR Regulations, 2015 to allow the top 100 listed entities by market capitalization, whose financial year ended on 31 December 2019, to hold their AGM within a period of nine months (instead of five months) from the closure of the financial year, that is, by 30 September 2020.
This follows the MCA Circular dated 21 April 2020 relaxing compliance under the Companies Act 2013 to allow companies whose FY ended on 31 December 2019 to hold their AGMs within nine months of closure of the financial year instead of six months .
Earlier, through a circular dated 26 March 2020, SEBI relaxed the requirement of holding of AGM within five months from closure of FY, for companies whose financial year ended on 31 March 2020, by an additional month, that is, till 30 September 2020 (instead of 31 August 2020).
To refer to the SEBI circular dated 23 April 2020, click here.
